In recent history, the Atlantic Magazine published a sobering report for black America, which was based on the findings of numerous studies, including a report from the Federal Reserve Bank of Chicago.
The Atlantic’s report was written by a successful black woman named Gillian B. White. White is a senior associate editor for the magazine who has a number of years reporting economic issues under her belt, including experience as a reporting intern for Bloomberg News.
Because of the 20th century destruction of many so-called “Black Wall Street” business communities that were once peppered across the country, as well as the continued evaporation of a black middle-class, generational wealth is not a conceivable concept for myriads of black Americans today.
The reasons for the data behind this sad economic state of affairs were effectively exhibited in a 2014 study conducted by the Federal Reserve Bank of Chicago. This study is titled Black–White Differences in Intergenerational
Economic Mobility in the United States.
The study was written by Bhashkar Mazumder, a Senior Economist, Research Advisor, and Director at the Chicago Census Research Data Center. In his study, Mazumder references the commonly mentioned income and wealth gap between blacks and whites in America. But in her report, White brings up another side to this reality.
“The facts of this rift aren’t new, or all that surprising. But perhaps what’s most unsettling about the current economic climate in black America is that when black families attain middle-class status, the likelihood that their children will remain there, or do better, isn’t high,” White wrote.
Why does the troubling financial scenario that White described in her report ring so true for so many black Americans? One reason is the lack of access to quality education for a vast number of predominantly black neighborhoods across America. Financial literacy is not taught in public schools at the early grade levels the way it ought to be.
This is why it is incumbent on all black parents in America to supplement the education that their children are receiving in public schools. If the parent has not done a good job of educating themselves, it would be very helpful for them to look into being mentored by a learned person who fits their personal needs. One is never too old to learn.